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Michigan Heritage Bancorp, Inc.

www.miheritage.com

28300 Orchard Lake Road
Suite 200
Farmington Hills, MI 48334

  • Phone: 248-538-2525
    • Outstanding Shares :1,491,964 as of Mar 31, 2004

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      Michigan Heritage Bancorp, Inc. Capital Update


      FARMINGTON HILLS, Mich., April 15, 2009 /PRNewswire-FirstCall via COMTEX/ -- Michigan Heritage Bancorp, Inc. (OTC: MHBC), the holding company for Michigan Heritage Bank (the "Bank"), announced today that it has signed a Letter of Intent with a Private Investor regarding a transaction that will bring the Bank's capital to a well capitalized level.

      The Private Investor has been in discussions with the Bank's regulators and expects to file an application shortly with the Federal Reserve Bank of Chicago requesting its approval for the Private Investor's acquisition of shares of MHBC's stock and the infusion of the required additional capital. The Private Investor will deposit into escrow a portion of the new capital funds during the required regulatory approval process. In addition, the proposed transaction will be subject to the approval of MHBC's shareholders. UHY Advisors has acted as consultants to the Investor and the bank on this matter.

      The Bank is headquartered in Farmington Hills, MI and has two additional offices in Novi and Wixom with deposits at year end 2008 totaling $160 million. As of this date virtually all customer deposits are FDIC insured.

      Michigan Heritage Bank is a state chartered, full-service commercial bank and wholly owned subsidiary of Michigan Heritage Bancorp, Inc. A member of both the Federal Reserve System and the Federal Home Loan Bank, deposits are FDIC insured. Michigan Heritage Bancorp stock trades on the over-the-counter (OTC) market and quotations are reported on the OTC Bulletin Board under the symbol "MHBC."

 

 

 

 

Stockwire.com: (OTCBB:MHBC) Michigan Heritage Bancorp, Inc. just released some important news.

Aug 14, 2008 (M2 PRESSWIRE via COMTEX) -- (OTCBB:MHBC) Michigan Heritage Bancorp, Inc. - Michigan Heritage Bancorp, Inc. Reports Second Quarter
A dedicated Chat Room for (OTCBB:MHBC) Michigan Heritage Bancorp, Inc. has been created at STOCKWIRE.com to discuss this news event.

Visit the following link to begin chatting with your fellow shareholders: http://www.stockwire.com/chat ----------------------------------------------------------

(OTCBB:MHBC) Michigan Heritage Bancorp, Inc.

FARMINGTON HILLS, Mich., Aug. 13 - Michigan Heritage Bancorp, Inc. , the holding company for Michigan Heritage Bank, recently announced a net loss of $1,315,000 or $0.87 per diluted share for the second quarter of 2008, compared to a net loss of $12,000 or $0.01 per diluted share for the same quarter of 2007. For the six-months ending June 30, 2008, the net loss was $1,488,000 or $0.99 per diluted share compared with net income of $78,000 or $0.05 per diluted share for the same six-month period of 2007. Total assets as of June 30, 2008 were $180,702,000, representing a decrease of $6,077,000 or 3.25% from December 31, 2007 and a decrease of $572,000, or 0.3% from June 30, 2007.

Net income for the six months ended June 30, 2008 was largely impacted by the increase of loan loss provision of $1,740,000. This provision was largely centered on three loans to local real estate developers. Net charge offs for the six-month period ended June 30, 2008 were $1,491,000, compared to a net recovery of $67,000 for the same six-month period of 2007. The Bank's allowance for loan losses increased from $1,851,000 or 1.28% of loans as of June 30, 2007 to $3,687,000 or 2.61% of loans as of June 30, 2008.

The Bank anticipates that future increases to loan loss provisions may be required in the third and fourth quarters of 2008. While the Bank is carefully evaluating any potential increases in loan loss provisions, it is unclear whether such increases would result in a material impact upon the Bank's overall capital position.

Raymond A. Biggs, the Bank's President and CEO, commented, "The challenges MHB faces will likely continue throughout 2008 and into 2009, as the local economy in Southeastern Michigan suffers from high unemployment, declining real estate values, and further softness in the auto industry. The distressed economic environment in Michigan continues to weigh heavily on general business activity. We are not unique in our situation, as many banks are experiencing similar stresses. While our challenges are not due to defaulted residential loans, they are primarily centered on 10 to 12 commercial loan relationship, which all have commercial real estate as the underlying collateral. With a lack of general economic activity, it is proving to be very difficult to pursue traditional paths when working out of these problem loans. We have taken steps to shore up collateral, require more equity and collateral from our borrowers and look for avenues to sell problem loans, where appropriate, and are taking additional measures to ensure the Bank is prepared if the economic stress continues."

Profile for Michigan Heritage Bancorp, Inc.

Michigan Heritage Bancorp, Inc. operates as the bank holding company for Michigan Heritage Bank (bank) that provides various commercial and consumer banking services. The bank primarily attracts deposits and makes loans. Its lending activities include commercial loans, commercial real estate loans, commercial equipment leases, direct financing leases, residential mortgage loans, home equity loans, and consumer installment loans. The bank accepts deposits that include noninterest bearing demand deposits, interest bearing checking and money market deposits, savings deposits, and time deposits. It also offers automated teller machine, telephone banking, and Internet banking services. As of Dece...

Detailed Description...

LAST $2.25 USD

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PostSubject
#13   $MBHC recent news/filings mick 11/14/15 12:52:48 PM
#12   MHBC: Company dissolved: Renee 12/06/13 06:33:11 PM
#11   MHBC @ .111! Estrella 01/30/13 11:20:56 AM
#10   5 measley dollars brought this down 95%. yaboy520 08/03/11 06:58:27 PM
#9   MHBC @ .045! Estrella 08/03/11 08:43:36 AM
#8   PennyPincher 09/08/09 02:04:52 PM
#7   Some buys today... Estrella 05/28/09 02:08:29 PM
#6   Ohh yes, MM's line up: .03, .04, .75, Estrella 05/21/09 09:12:42 AM
#5   Ready to get this ball rolling welderfred 05/21/09 07:15:43 AM
#4   Michigan Heritage Bancorp, Inc. Capital Update Estrella 05/19/09 07:45:31 AM
#3   MHBC chart: Estrella 05/18/09 03:42:01 PM
#2   MHBC 1.4m O/S Estrella 05/18/09 01:28:27 PM
#1   MHBC @ .03!! Estrella 05/18/09 11:24:13 AM
PostSubject